Australia, as host of the 2014 Group of 20 summit, will need to reinvigorate the organisation or risk it losing ­global influence, the Lowy Institute for International Policy says.

In a paper on Australia’s hosting of the 2014 summit, the director of the institute’s G20 Studies Centre,
Mike Callaghan
, says the international community has lost faith in the group to carry out reform beyond ­stemming the fallout from the 2008 global financial crisis.

“A weak and ineffective G20 is likely to be replaced by another international forum of which Australia is unlikely to be a member," Mr Callaghan says.

“For the Brisbane summit to be a success, Australia will need to improve the way the G20 works, define a focused agenda and directly engage leaders.

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Mr Callaghan says the challenge facing the G20 is to transform itself into a global steering committee for the international economy and move on from its role as a post-2008 crisis responder.

Among the summit goals should be setting out a co-ordinated growth strategy, improving oversight of efforts to strengthen financial regulation, reinforcing the global stand against protectionism, further liberalising international trade, combating international tax avoidance and building momentum on the international response to climate change, he says.

Mr Callaghan says it is vital for Prime Minister
Tony Abbott
to lead the process for it to be a success.